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 mouselyn
Joined: 09 Feb 2008
Posts: 2
1.66 Dollars($)
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 Posted: Sat Feb 09, 2008 2:31 pm Post subject: funding of second mortgages |
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| If a mortgage loan closes on Monday, with a three (3) day right of recision, and funds are supposed to be available the following Friday, what rights do I have if the funds have not been made available either on Friday or on Saturday? They were to be direct deposited to my bank, and a cancelled check was furnished at the time of closing to provide ABA and account numbers. |
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larry
Joined: 27 Jun 2007
Posts: 3328
473.40 Dollars($)
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| Posted: Sat Feb 09, 2008 2:45 pm Post subject: |
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Hi mouselyn,
Welcome to the forum.
You should first talk with the lender and asked him the reason behind it . If even after that he does not provide you the fund, you should contact with an attorney and may file a lawsuit against the lender.
Feel free to ask if you have any further questions.
Best of luck,
Larry |
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ckalvesmaki
Community Experts
Joined: 28 Jan 2006
Posts: 376
Location: Dallas
56.42 Dollars($)
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| Posted: Sat Feb 09, 2008 5:56 pm Post subject: |
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Posted: 09 Feb 2008 13:31 Post subject: funding of second mortgages
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If a mortgage loan closes on Monday, with a three (3) day right of recision, and funds are supposed to be available the following Friday, what rights do I have if the funds have not been made available either on Friday or on Saturday? They were to be direct deposited to my bank, and a cancelled check was furnished at the time of closing to provide ABA and account numbers.
Most title companies do not disburse the same day the recieve funds.....They overnight or wire your payoff to your current lender and make sure that they get the lien release......and then release your funds. On top of that there are many reasons for funding delays......ranging from a missing signature on the closing package to delays in the Fed processing the wire to the closing attorney or title company. So before you start talking about filing a law suit(and just so you aware) the 3 day right of recission.......does not garuantee you will have funds......the law is written so you have time to review your loan package......On Monday....call your lender and or the title company to find out where your proceeds are....chances are it just came in late and missed the cutoff to send a wire.
_________________
Cedric Kalvesmaki
***Professional Disclaimer***
While I am a Mortgage Professional, this advice is generic in nature only.
888-383-9019
emails and PMs gladly answered
www.freedommortgagetexas.com
Freedom Mortgage
I live in TX but cover all 50 states |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 1209
Location: bloomfield, ct
20.64 Dollars($)
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| Posted: Mon Feb 11, 2008 8:26 am Post subject: |
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as cedric says...stay on top of the situation. your lender ought to have a viable explanation.
_________________
George M. Akerley
Senior Loan Officer
Freedom Mortgage Corporation
37 Jerome Avenue
Bloomfield, CT 06002
860-286-0444 |
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